Table 2. Results for the impact of Buy...

Table 2.

Results for the impact of Buy recommendations on average abnormal returns (AARs) and CAARs

Event window	AAR	CDA t-test	CAAR
−20	−0.852	−2.192008502**	−0.852
−19	−0.220	−0.565090568	−1.072
−18	−0.497	−1.278404799	−1.569
−17	−0.874	−2.248226458**	−2.443
−16	−0.891	−2.29223078	−3.334
−15	−0.383	−0.985573944	−3.717
−14	−0.245	−0.63053163	−3.962
−13	0.366	0.941897356	−4.283
−12	−0.320	−0.824379356	−4.641
−11	−0.359	−0.922688069	−5.000
−10	−0.677	−1.740575337*	−5.677
−9	−0.814	−2.092979884**	−6.490
−8	0.094	0.242766767	−6.396
−7	−0.248	−0.63758001	−6.644
−6	−0.497	−1.278049789	−7.140
−5	−0.432	−1.112378615	−7.573
−4	0.179	0.459716906	−7.394
−3	0.172	0.442850302	−7.222
−2	0.026	0.067266531	−7.196
−1	0.024	0.060734025	−7.172
0	0.824	2.12087517**	−6.348
1	−0.222	−0.569908655	−6.569
2	0.088	0.226885075	−6.481
3	0.037	0.095595098	−6.444
4	0.327	0.840610588	−6.117
5	0.410	1.054866007	−5.707
6	0.358	0.920385095	−5.349
7	0.492	1.265092922	−4.858
8	0.233	0.59864334	−4.625
9	1.233	3.17245081**	−3.392
10	0.313	0.804268444	−3.079
11	0.217	0.557389894	−2.862
12	0.090	0.232453798	−2.772
13	0.096	0.246283625	−2.676
14	0.104	0.26847034	−2.572
15	0.577	1.484497774	−1.995
16	−0.116	−0.299154152	−2.111
17	0.482	1.239135013	−1.629
18	0.291	0.749816915	−1.338
19	1.243	3.198647123***	−0.094
20	0.916	2.357104195**	0.822

Event window	AAR	CDA t-test	CAAR
−20	−0.852	−2.192008502**	−0.852
−19	−0.220	−0.565090568	−1.072
−18	−0.497	−1.278404799	−1.569
−17	−0.874	−2.248226458**	−2.443
−16	−0.891	−2.29223078	−3.334
−15	−0.383	−0.985573944	−3.717
−14	−0.245	−0.63053163	−3.962
−13	0.366	0.941897356	−4.283
−12	−0.320	−0.824379356	−4.641
−11	−0.359	−0.922688069	−5.000
−10	−0.677	−1.740575337*	−5.677
−9	−0.814	−2.092979884**	−6.490
−8	0.094	0.242766767	−6.396
−7	−0.248	−0.63758001	−6.644
−6	−0.497	−1.278049789	−7.140
−5	−0.432	−1.112378615	−7.573
−4	0.179	0.459716906	−7.394
−3	0.172	0.442850302	−7.222
−2	0.026	0.067266531	−7.196
−1	0.024	0.060734025	−7.172
0	0.824	2.12087517**	−6.348
1	−0.222	−0.569908655	−6.569
2	0.088	0.226885075	−6.481
3	0.037	0.095595098	−6.444
4	0.327	0.840610588	−6.117
5	0.410	1.054866007	−5.707
6	0.358	0.920385095	−5.349
7	0.492	1.265092922	−4.858
8	0.233	0.59864334	−4.625
9	1.233	3.17245081**	−3.392
10	0.313	0.804268444	−3.079
11	0.217	0.557389894	−2.862
12	0.090	0.232453798	−2.772
13	0.096	0.246283625	−2.676
14	0.104	0.26847034	−2.572
15	0.577	1.484497774	−1.995
16	−0.116	−0.299154152	−2.111
17	0.482	1.239135013	−1.629
18	0.291	0.749816915	−1.338
19	1.243	3.198647123***	−0.094
20	0.916	2.357104195**	0.822

Notes:

The t-values are compared to the critical values for a two-tailed test to determine the significance of AARs; *10% level of significance, **5% level of significance, ***1% level of significance and ****0.1% level of significance in two-tailed hypothesis

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